NEW YORK, July 18, 2019 (GLOBE NEWSWIRE) -- The increase in demand for point-of-care diagnostics, rapid development in technology, and advancement in pharmacogenomics is fueling the growth of the market.
The Global Molecular Diagnostic Market is forecast to reach USD 17.08 Billion by 2026, according to a new report by Reports and Data. Molecular Diagnostic is a transformative and dynamic area of diagnostics, that leads to insights in research and treatment of many disease that are a revolution in healthcare. It detects and measures the existence of genetic materials or protein related to a certain health condition, which aids in uncovering the underlying mechanisms of diseases. This practice enables clinicians to customize medicines for individuals, thus facilitating the growth of “personalized medicine.”
Constant development in technology increases the speed and performance of the market, thus propelling the routine practice of genome sequencing. Increase in automation is also enabling the performance of sophisticated molecular tests, which will bring state of the art diagnostics to all areas of the world.
Prevalence of infectious diseases and types of cancers, rise in awareness and adoption of personalized medicine, and the increase in biomarker identification is driving the growth of the market. New methods and discoveries made in molecular diagnostic needs to be approved by various parties as there are stringent regulatory norms laid down concerning such developments. This is hindering the growth of the market.
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Further key findings from the report suggest
- Polymerase Chain Reaction (PCR) is among the most commonly used diagnostic tool of the molecular diagnostic market. It provides a quick method for the detection, identification, and calibration of specific RNA and DNA targets. It is forecasted to hold the largest market share of 28% in the year 2026.
- In Situ Hybridization is anticipated to have the highest CAGR of 10.4% during the forecast period. It is extensively used as a gene mapping tool for the identification and validation of cytogenetic aberrations. Discovery of cytogenetic aberrations in oncology has led to the discovery of FDA approved molecular targeted drugs for patients that are undergoing treatment for cancer.
- Reagents held the largest market share of 41% in the year 2018. The application of reagents in different diseases such as infections and cancer, advancement in Research & Development in the segment, and an increase in the commercial application of the product is propelling the growth of the market.
- On the basis of application, oncology held the largest market share of 21% in the year 2018. Due to ongoing research and development, molecular diagnostic is forecasted to have a significant role in the treatment of cancer.
- Infectious disease is forecasted to hold a market share of 21% in the year 2026. Molecular diagnostic detects infectious diseases with rapid speed and greater accuracy. Increase in the incidence of hepatitis and tuberculosis with the rise in awareness regarding the benefits of early diagnosis will drive the growth of the segment.
- North America held the largest market share of 28% in the year 2018. Presence of state of the art research facilities coupled with advanced and sophisticated technologies and patient awareness, will fuel the growth of the market in this region.
- Key participants include 10X Genomics, Abbott Laboratories, Bioarray Genetics, Bristol-Myers Squibb, Merck & Co., Inc., Qiagen NV, Siemens, Thermo Fisher, Vortex Biosciences, HTG Molecular Diagnostics, Pfizer, Oncocyte, Agilent Technologies, Johnson & Johnson Services, Inc., and Becton, Dickinson, and Company, among others.
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Segments covered in the report:
For the purpose of this report, Reports and Data have segmented into the global Molecular Diagnostic market on the basis of Product, Technology, Application, and Region:
Product Outlook (Revenue, USD Billion; 2016-2026)
- Instrument
- Reagent
- Other Product
Application Outlook (Revenue, USD Billion; 2016-2026)
- Oncology
- Infectious diseases
- Pharmacogenomics
- Microbiology
- Genetic Disease Screening
- Human Leukocyte Antigen Typing
- Blood Screening
Technology Outlook (Revenue, USD Billion; 2016-2026)
- In Situ Hybridization
- Chips and Microarrays
- Mass Spectrometry
- Sequencing
- Polymerase Chain Reaction (PCR)
- Other Technologies
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Regional Outlook (Revenue, USD Billion; 2016-2026)
- North America:
- USA
- Canada
- Asia Pacific:
- India
- China
- Japan
- Rest of Asia Pacific
- Middle east and Africa
- Latin America:
- Brazil
- Europe:
- UK
- France
- Germany
- Italy
- Spain
- Rest of Europe
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